Bonaventure, a leading integrated asset manager specializing in multifamily communities in the Mid-Atlantic and Southeastern regions, recently completed two significant transactions. The company successfully sold an $18 million stake in Attain Downtown, a premier 156-unit Class-A multifamily community located in downtown Norfolk, Virginia. In addition to this sale, Bonaventure also acquired Cavalier Crossing – a desirable 144-unit apartment complex situated near the University of Virginia – through its subsidiary Bonaventure Multifamily Income Trust (BMIT).
Under BMIT’s majority ownership and management control of Attain Downtown post-sale via Tenancy-in-Common (TIC) structure for tax-efficient purposes; Cavalier Crossing will undergo extensive renovations to elevate its amenities and overall curb appeal as it becomes part of BMIT’s impressive portfolio consisting now of twenty properties.
According to Dwight Dunton – CEO & Founder at Bonaventure: “The utilization of TIC transaction type is highly advantageous for all parties involved whereby not only does BMIT retain partial ownership while continuing property management operations but also allows new co-owner(s) potential risk-adjusted returns without having active involvement.” This recent development marks another successful milestone for Bonaventure as it continues on its path towards growth and expansion within the real estate market.
